Hainan transforms into China’s global gateway

Authorities in China’s Hainan province have nearly completed preparations to “close” its free trade port, a move expected later this year to boost openness to international trade and investment.

In practice, this will mean the province enters a state of customs isolation from the rest of China, while simultaneously becoming more open to the outside world, Caliber.Az reports. citing Chinese media.

Hainan will operate under a distinct set of customs rules that will allow for the free flow of goods and capital between the province and other countries.

Over the past five years, since the announcement of the free trade port development plan, the operating framework has been continuously refined, the business environment improved, and the province's openness to global markets has reached new heights.

The agency notes that overall preparations for the "closure" are now complete. A free trade port governance system is in place, with zero tariffs, low tax rates, and streamlined customs procedures.

Leveraging the benefits of open-market policies, Hainan is actively positioning itself as a hub for Chinese companies expanding abroad, as well as for foreign firms seeking entry into the Chinese market.

Official data shows that total foreign direct investment attracted since 2018 has reached $17.4 billion, exceeding the combined total of the previous three decades.

By Aghakazim Guliyev